US Cellular 2011 Annual Report Download - page 80

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United States Cellular Corporation
SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA
Year Ended or at December 31, 2011 2010 2009 2008 2007
(Dollars in thousands, except per share amounts)
Statement of Operations data
Service revenues .................. $4,053,797 $3,913,001 $3,927,128 $3,939,695 $3,672,724
Equipment sales ................... 289,549 264,680 286,752 302,859 267,027
Operating revenues ................ 4,343,346 4,177,681 4,213,880 4,242,554 3,939,751
Operating income (a) ............... 280,780 201,473 325,525 32,782 379,680
Equity in earnings of unconsolidated
entities ........................ 83,566 97,318 96,800 91,981 90,033
Fair value adjustment of derivative
instruments .....................————(5,388)
Gain on investment ................. 11,373 — — 16,628 137,987
Income before income taxes .......... 312,822 241,116 349,165 69,855 529,253
Net income ...................... 198,744 159,158 231,315 60,788 323,351
Net income attributable to noncontrolling
interests, net of tax ............... 23,703 23,084 21,768 25,083 15,056
Net income attributable to U.S. Cellular
shareholders .................... $ 175,041 $ 136,074 $ 209,547 $ 35,705 $ 308,295
Basic weighted average shares
outstanding (000s) ................ 84,877 86,128 86,946 87,457 87,730
Basic earnings per share attributable to
U.S. Cellular shareholders .......... $ 2.06 $ 1.58 $ 2.41 $ 0.41 $ 3.51
Diluted weighted average shares
outstanding (000s) ................ 85,335 86,518 87,168 87,754 88,481
Diluted earnings per share attributable to
U.S. Cellular shareholders .......... $ 2.05 $ 1.57 $ 2.40 $ 0.41 $ 3.48
Balance Sheet data
Total assets (b) .................... 6,327,976 5,875,549 5,716,848 5,553,672 5,581,592
Long-term debt (excluding current
portion) ........................ 880,320 867,941 867,522 996,636 1,002,293
Total U.S. Cellular shareholders’ equity . . . $3,619,961 $3,486,452 $3,390,532 $3,199,339 $3,186,138
Other operating data
Total customers ................... 5,891,000 6,072,000 6,141,000 6,196,000 6,102,000
Average monthly service revenue per
customer (c) .................... $ 56.54 $ 53.27 $ 52.99 $ 53.22 $ 51.08
Postpaid churn rate (d) .............. 1.5% 1.5% 1.6% 1.5% 1.4%
U.S. Cellular has not paid any cash dividends and currently intends to retain all earnings for use in U.S.
Cellular’s business.
(a) Includes Loss on impairment of intangible assets of $14.0 million in 2009, $386.7 million in 2008 and
$24.9 million in 2007.
(b) In preparing its Consolidated Statement of Cash Flows for the year ended December 31, 2011, U.S.
Cellular discovered certain errors related to the classification of outstanding checks with the right of
offset. This error resulted in the misstatement of Cash and Total assets for the years ended
December 31, 2007 through 2010. The amounts herein have been revised to reflect the proper
amounts. See Note 2—Revision of Prior Period Amounts for additional information.
(c) Calculated by dividing Service Revenues by average customers and number of months in the year.
(d) Represents the percentage of the postpaid customer base that disconnects service each month.
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